WKBT
April 20, 2021 8:47 AM Amy Fontinelle - Forbes Advisor
Posted:
Updated:
April 22, 2021 2:06 PM
Understanding what happens to your debt when you die is an important part of estate planning and you don’t have to be rich to have an estate. Everything you own and owe makes up your estate. For many people, that includes a house with a mortgage.
The median housing-related debt of a 65- to 74-year-old borrower with a first mortgage, home equity loan and/or home equity line of credit was $100,000, according to the U.S. Census Bureau’s American Housing Survey in 2019, the latest results available. For homeowners 75 years and older, it was $75,000.
What Happens To Your Mortgage Debt When You Die?
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Centers for Disease Control and Prevention (CDC) has extended a nationwide ban on tenant evictions until June 30. CDC Director Dr. Rochelle Walensky signed the order on March 28 as a way to curb the spread of the Wuhan coronavirus.
While housing advocates lauded the move to aid cash-strapped renters, property owners said the CDC’s order caused “financial hardship” and infringed on property rights.
The CDC’s moratorium to extend the eviction ban will be effective starting April 1. According to the order, evicted renters looking for a new place to stay must move into shared housing or other settings – exposing themselves to other people. This subsequently “leads to multiple outcomes that increase the risk of COVID-19.”